FG’s power export debt recovery yields $74.7m in 10 months

Togo, Benin cut obligation debt to $41.21m   The Federal Government’s debts recovery on offshore electricity supply to Togo and Republic of Benin has hit $74.7 million in 10 months, New Telegraph has learnt. The debts recovered between last November and August 2018, investigation revealed last weekend, has mounted pressure on Ghana, which has debts on service over gas supplied to it by Nigerian companies. While first tranche of $64.6 million from the debts of about $115.91 million owed operators in the country’s power market by both countries was recouped…

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‘Investments’ dearth buoys N72bn power distribution intervention’

The N72 billion investments for distribution network projects intervention is buoyed by need to prevent dearth of investments in this area by new owners of power assets, Managing Director of Transmission Company of Nigeria (TCN), Mr. Usman Mohammed, has said. The Federal Government with 40 per cent share in the Distribution companies is providing the fund and stated that the failure of the new owners to perform that is creating a lot of issue in the system. Mohammed said : “The N72billion is small money compared to what we need…

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Power grid collapses 59 times

…as Nigeria suffers 10 total in 6 months   Nigeria’s electricity transmission grid suffered a total of 59 major and partial collapses in the last 42 months, as investments’ deficit haunted the transmission stratum of the power industry. Data from the Transmission Company of Nigeria (TCN) collated by New Telegraph over a period of three and half years revealed this. It also showed that 10 out of these collapses were suffered by the grid in the last six months. Although the Federal Government has privatised the generation and distribution strata…

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Six power stations shut, generation drops by 1,087.6MW

TCN begins nationwide load-shedding to avert grid collapse Six thermal power generation stations have been shut down, causing a drop in the electricity generated into the national grid by 1,087.6 megawatts (MW). The shutdown was occasioned by the ruptured pipeline of the Nigeria Gas Company (NGC) on June 15 and technical issues at the Shell gas wells on June 16, which made gas supply to the power stations impossible. The affected power stations include the Ihovbor, Azura, Omotosho gas; Geregu gas; Olorunsogo gas; Sapele and the Egbin Power Station, which…

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Power: FG, investors’ face-off exposes N200bn revenue shortfall

Power grid suffers six collapses in three months   The five-year-old bickering between the Federal Government and investors in power sector has exposed N200 billion gap in market shortfall. This came as Nigeria’s power grid recorded six total collapses between January and March this year in contrast to just one in the preceding quarter of 2017. The sector’s market shortfall, investigations by New Telegraph revealed, became obvious after the $2.5 billion bought over of power assets from the Federal Government, which culminated in the November 1, 2013 handover of Power…

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Nigeria: Power sector provides enormous potential for investors–Report

…Nigerians buy N3.5trn fuel yearly for power generation   As indications emerged recently that due to irregular supply of public electricity, about N3.5 trillion ($21.9 billion) is spent yearly by businesses, families and others in Nigeria to buy fuel for power generation; the country’s electricity consumption per capital has been adjudged to be the lowest in Africa, according to a report by Agusto & Co.   Disclosing this at the recent 2016 Huawei Connect Conference in Shanghai, China, the Business Leader (Distribution), Sahara Group, the firm with majority stakes in…

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POLITICAL NOTES: Politics and the power of religion

Should religious leaders play active role in politics or refrain from stepping into the political sphere?   This is one question that has defied a definite answer over the years, perhaps, because Nigeria is a country made up of diverse religions.   While it is the right of every citizen as provided in Section 40 of the 1999 Constitution (as amended) that: “Every person shall be entitled to assemble freely and associate with other persons, and in particular he may form or belong to any political party, trade union or…

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Burden of politics on Nigeria’s power business

Unlike in electricity sufficient countries, business of power generation, transmission and distribution in Nigeria is enmeshed in politics. ADEOLA YUSUF reports   Minister of Power, Works and Housing, Mr. Babatunde Fashola, shocked many observers of events in Nigeria’s power sector last Monday, September 11, 2017. That day, he took to the podium of the 19th monthly meeting with operators in the electricity industry in Lagos to publicly ask the Nigeria Immigration Service to investigate the Managing Director of Egbin Power Plc, Mr. Dallas Peavey Jnr., an American, over his visa…

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Power tariff hike: Presidency mulls covert embargo

NERC completes MYTO’s major review   Barring unforeseen circumstances, there will not be announcement and implementation of hike in power tariff until after the next generation elections, New Telegraph has learnt. The Presidency, this newspaper gathered, is considering the idea of slamming an embargo covertly on the implementation of the new MYTO review, which has just been concluded by Nigerian Electricity Regulatory Commission (NERC). Despite protest by many consumer groups led by the Manufacturers Association of Nigeria (MAN) and Network of Electricity Consumers Advocacy of Nigeria (NECAN), a source at…

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Power: FG opts for N1.8trn investment deficit funding

  The Federal Government has dumped budgetary allocations model in addressing investments shortfall of N1.8 trillion ($5 billion), rattling the Nigeria’s transmission network – comprising 330kV and 132kV networks. Investigation by New Telegraph, showed that the government had thrown its full weight behind the different models of financing such as contractor finance of new transmission projects, Rehabilitate Operate and Transfer (ROT); and Management Contract for the the grid investments’ deficit financing. The network-grid remained at a wheeling capability of 5,300 megawatts (MW) against 6,600MW installed capacity under constrained loading conditions.…

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